GLENS FALLS — The Board of Directors of Arrow Financial Corporation (NasdaqGS® – AROW) on Oct. 27, 2021, declared a quarterly cash dividend of $0.26 per share payable Dec. 15, 2021, to shareholders of record on Dec. 2, 2021. This represents an increase of 3% over the cash dividend paid in the fourth quarter of 2020, as a result of the 3% stock dividend distributed on Sept. 4, 2021. The Board of Directors of Arrow Financial Corporation (NasdaqGS® – AROW) on Oct. 27, 2021,

 The Board of Directors of Arrow Financial Corporation (NasdaqGS® – AROW) on Oct. 27, 2021, approved a new stock repurchase program authorizing the repurchase, at the discretion of senior management, of up to $5 million of the Company’s common stock for the 2022 calendar year, in open market or negotiated transactions. This new repurchase program will replace the prior $5 million repurchase program authorized on Jan, 27, 2021, which expires Dec. 31, 2021. Through Sept. 30, 2021, the Company had repurchased approximately $1.46 million of Company common stock under the 2021 program. 

SARATOGA SPRINGS — Babies born at Saratoga Hospital will now benefit from advanced cardiac monitoring equipment made possible by a gift from the Nemer family and Nemer Chrysler Jeep Dodge Ram of Saratoga. 

About 10% of newborns need help breathing at birth. Getting an accurate measurement of their heart rate is critical but often challenging. The Nemers’ pledge of $26,000 will enable Saratoga Hospital to buy four neonatal cardiac monitors to enhance care for those babies.

“With this new equipment, we can begin evaluating and monitoring neonates during their first few minutes of life,” said Dr. Jennifer Lefner, Chief of Newborn Medicine at Saratoga Hospital. “We will have critical, immediate information on how strong their heart rate is and how well they are responding to resuscitation measures.”

Two young members of the Nemer family were born with heart conditions, so the family knows firsthand how important early monitoring can be. 

Last year, as a tribute to their late father and grandfather, who died of a heart attack, the Nemer family began underwriting Saratoga Hospital’s subscription to the emergency LifeNet System. LifeNet transmits electrocardiogram and other critical patient information to the Emergency Department while the ambulance is en route, so patients can receive appropriate cardiac care within minutes of arriving at the hospital. 

This latest gift enhances infant care and provides additional peace of mind for families of the 750 babies delivered each year in the hospital’s recently renovated Mother/Baby Unit. The renovations included updates to patient rooms; new diagnostic testing, exam and treatment room; a remodeled nursery, including exam and treatment space; and a new, larger staff support space. 

NEW YORK — Daniel Bruno has been named a member of the 2021 Chairman’s Cabinet of New York Life. Members of the elite Chairman’s Cabinet are the top fifty highest producing agents among New York Life’s sales force of more than 12,000 licensed agents in sales achievement. 

Mr. Bruno has been a New York Life agent since 2007 and is associated with New York Life’s Albany General Office in Latham. Dan is the co-owner of Bruno and Bruno Financial Services, LLC located in Saratoga Springs. Bruno and Bruno Financial Services is not owned or operated by New York Life or its affiliates. 

Dan has been helping his clients in financial, business, and estate planning since partnering with his father, Barry, in 2007. Dan is a graduate of New York Life’s Advanced Planning Group’s Coaching Series, a client-centered planning process with the goal of helping clients crystalize their overall planning objectives and design appropriate solutions. 

Over the course of his career, Dan has earned numerous industry awards including Qualifying Member of The Million Dollar Roundtable* (2013 through 2021). 

SARATOGA SPRINGS — From coffee bean to coffee cup, here is a look at the history behind Death Wish Coffee. 

In 2012, Mike Brown, Founder and CEO, had an idea to make the world’s strongest coffee. After searching far and wide for the best beans, formulating the recipe, and perfecting the roasting process, the Death Wish Coffee Company was born. 

A year later, the brand really took off after it was introduced on a “Good Morning America” segment, and has accomplished milestones including: 

In 2016, Death Wish Coffee’s Super Bowl 50 commercial introduced 167 million viewers to the brand. In 2018, with the help of the NASA Food Labs, Death Wish Coffee developed an instant freeze-dried blend of its coffee to fuel the astronauts on the International Space Station. In 2020, they became the number one selling organic coffee in multi-outlet and natural wholesale channels. And, just this year, the introduction of their medium roast blend accounted for the largest product launch in company history. 

But they aren’t stopping there – they’ve got a death wish. 

Read the full story and  on Saratoga Business Report: www.saratogabusinessreport.com.

SARATOGA SPRINGS — The Saratoga County Chamber of Commerce is proud to announce the official kickoff of its Save Our Locals $20.21 campaign, which will benefit local businesses and aid in additional economic recovery across the county. 

“Whether eating out, getting a head start on the holiday shopping season, hiring a local contractor, or signing up for a gym membership, we want our local residents and out-of-town visitors to support local and participate in Save Our Locals $20.21,” said Todd Shimkus, President, Saratoga County Chamber of Commerce. “We all benefit when we support our local businesses and the local economy.” 

Initially begun during the height of COVID-19 in 2020, Save Our Locals came out of a need to counteract COVID-19 restrictions that severely impacted the county’s economy. In collaboration with local partners, Save Our Locals aims to boost sales at local businesses throughout the remainder of the year, while also promoting the services and goods they offer to residents and out-of-town visitors. 

Following the lead of prior Save Our Locals campaigns, the premise of the Save Our Locals $20.21 campaign remains the same. The Chamber invites everyone to spend at least $20.21 at any locallyowned Saratoga County business between Friday, Oct. 15 and Friday, Dec. 31. In return, each person can be entered in for a chance to win one of more than 50 $100 gift cards to a variety of businesses throughout Saratoga County simply by emailing a photo of their receipt to the Chamber at saveourlocals@saratoga.org. 

“While vaccination rates continue to trend upwards across Saratoga County, we can’t forget the impact residents and visitors can make in supporting our local businesses and ensuring they can keep their doors open for many years to come,” said Shimkus. “Thank you in advance to each participant who shops local and supports Saratoga County!” 

To learn more about how to participate and enter for a chance to win, visit www.saratoga.org/save-our-locals-20-21 or email saveourlocals@saratoga.org. 

SARATOGA SPRINGS — Death Wish Coffee Company, creators of the World’s Strongest Coffee, will be accepting donations of new and unwrapped toys at their Saratoga Springs headquarters during normal store hours, starting Nov. 1 and running through Dec. 3. The first 1,000 people who donate toys at Death Wish Coffee will receive a free pound of coffee. Additionally, those who stop by to donate toys will also be entered into a raffle for a chance to win a Death Wish Coffee prize basket valued at $500. 

To ensure children in the community have the best holiday season possible, Death Wish Coffee is partnering with local organizations around Saratoga County. The company collected more than 980 toys last year and hopes to receive more than 1,500 donations this year. This is the sixth year in a row that Death Wish Coffee has participated in Toys for Toga. 

“Since 2015, in partnership with Toys for Toga, Death Wish Coffee has collected over 6,000 toys for the children of Saratoga County,” said John Swedish, Director of Strategic Engagement and Partnerships. “With the support of the community, our goal in 2021 is to collect over 1,500 toys.” 

The 9th annual Toys for Toga drive includes DeCresente Distributing Company, Druthers Brewing Company, and more. All the money raised and toys donated are divided equally among Franklin Community Center, CAPTAIN Youth and Family Services, and Mechanicville Area Community Services. 

Anyone interested in donating new, unwrapped toys can drop them off at Death Wish Company’s HQ + retail shop. 

“We’re so excited to welcome people into the retail shop and see how many toys we can collect this year to support our community,” said Angie Bailey, Retail Manager. “Those who stop in will have the chance to score a free bag of coffee, sample our latest blends, and help support a cause we care deeply about.” 

Death Wish Coffee HQ is located at 260 Broadway, Saratoga Springs, NY 12866. Store hours are Monday – Saturday 11 a.m. to 6 p.m. and Sunday 11a.m. to 5 p.m. For those who want to support Toys for Toga but may not live locally, donations can be made via GoFundMe at www.gofund.me/63104287 

GLENS FALLS — Arrow Financial Corporation (NasdaqGS® – AROW) announced operating results for the three- and-nine-month periods ended in Sept. 30, 2021. Net income for the third quarter of 2021 was $13.0 million, compared to $11.0 million in the third quarter of 2020. Net interest income increased to $28.6 million in the third quarter of 2021, compared to $24.9 million for the comparable quarter 2020. For the nine months ended in Sept. 30, 2021, net interest and net income were $83.2 million and $39.5 million, respectively, as compared to $72.7 million and $28.3 million for the nine months ended Sept. 30, 2020.

Annualized key profitability ratios remained strong, as measured by a return on average equity (ROE) of 14.34% and a return on average assets (ROA) OF 1.32% for the third quarter, compared to 13.55% and 1.23%, respectively, for the prior-year quarter. 

“Arrow delivered another quarter of solid earnings, strong profitability ratios, and asset growth to a new record of more than $4 billon,” said Arrow President and CEO Thomas J. Murphy. “I commend our team members for their dedication to continuous improvement and exceptional service for our customers during these challenging times. I am thankful for and humbled by their unwavering commitment to achieve our mission.” 

In the third quarter, Arrow advanced its focus on technology and digital experience with the launch of a new mortgage application platform and upgrades to the Business Online Banking platform. Additionally, branch network enhancement plans continued. Glens Falls National Bank announced the consolidation of two branches in Fort Edward located less than a mile apart before year-end, with the remaining full-service branch undergoing improvements; Saratoga National Bank likewise renovated a new full-service location in Wilton, which will open in the fourth quarter and replace its smaller Jones and Ballard road branches. 

SARATOGA SPRINGS — The Wesley Community has announced that Jenna Lord has been appointed Director of Nursing at Wesley Health Care Center in Saratoga Springs. 

In her role, Lord is responsible for leading and supervising the nursing staff and overseeing the care provided to residents at the Wesley Health Care Center. She has extensive health care experience and previously served as Assistant Director of Nursing at Wesley Health Care Center. 

Lord will work closely with Wesley administrators to develop policies and procedures to maintain a safe and efficient workplace while also bringing forth new clinical opportunities. 

Lord has been an active member of the Wesley Health Care Center team since 2008, where she previously worked as both a licensed practical nurse and as a resident nurse unit coordinator. 

Visit www.thewesleycommunity.org 

ALBANY — Alaant Workforce Solutions, the Capital Region’s leading professional workforce services firm, is strengthening its commitment to helping organizations recruit and hire top talent amid a historically challenging job market with the addition of two senior professionals to its staff. The hiring of Michelle Conn and Lauren Valentine reinforces Alaant’s ability to serve a fast-growing client base, an expansion that has been rapidly accelerated by the impact of the COVID-19 pandemic on the workplace. 

Joining Alaant as Senior Talent Acquisition Managers, Conn and Valentine bring more than 30 years of combined experience in assisting organizations of all sizes, and across multiple industries, in building high-performing teams. With demonstrated expertise and a proven track record of success, they will be significant assets to Alaant’s expanding clientele as the firm sees 30% growth in job placements, and a 50% increase in direct hire revenue, over last year. 

Conn is rejoining Alaant following a stint at one of the nation’s leading biotechnology companies. Her recruiting experience of more than 20 years spans financial services, marketing and advertising, high-growth startups, and biopharmaceuticals. She excels in sourcing to fill mid- to executive-level positions, particularly in marketing, creative, finance, human resources, regulatory/compliance, and supply chain. She has also completed the SHRM Veterans at Work Certification, gaining unique insight into the value skilled veterans bring to the civilian workplace. 

Valentine has spent the past decade as a sales consultant and manager, working closely with business owners and leaders to help them develop and grow high-achieving sales teams. Her experience includes providing critical support during the hiring process to identify and qualify “right fit” candidates, an experience she will build on in her role with Alaant. 

With so much recent focus on this country’s all-too-regular debt ceiling drama, I want to spend a moment to make a proclamation: debt is not a bad thing. The caveat (as I will tell my son with his Halloween candy) is some is good, but too much can be very bad. I will even take it a step further and say, when used correctly, debt can be a very powerful tool to maximize one’s wealth. It gets a bad rap from the media and famous financial authors because it is very easy to misuse, but let’s examine with a practical lens what exactly debt represents and how it can help or hurt.

In the financial world, the word “leverage” is sometimes used to describe the amount of debt that a person or company has. Looking at the base of that word, we can see the primary use for debt: using a little to move a lot. The easiest example is taking out a mortgage to buy a house. With $40,000 of cash, assuming the standard 20% down-payment, you can purchase a $200,000 asset by signing a few pieces of paper promising to pay it back. Of course, you must pay interest on the amount borrowed, but the instantaneous increase on the asset side of your balance sheet is the effect of leverage. This can be seen in all areas of our economy. From residential housing to small business loans to government bonds – borrowed money is the lifeblood of our economic system. It allows us to take risks and companies to innovate.

Continuing with the example of the mortgage, a very common question arises in our line of work: “should I pay down my mortgage faster?” As we like to say around here, “it depends.” By paying a mortgage down faster or selecting a 15-year instead of a 30-year, you are limiting your options and potentially incurring an opportunity cost with that money. Some people sleep better at night knowing they won’t have a monthly auto-draft from their checking account, but that mentality does have its costs. For one, as you put extra money towards your house, the equity you build is not exactly liquid, meaning if an immediate need arose, good luck getting the bank to rush that home equity loan to pull some money out. Secondly, money that gets used to repay the bank could be deployed elsewhere into  even a modest investment strategy. With interest rates being so low, the rate of return “hurdle” to clear is barely off the ground. 

Lest we go too far with what may seem like a love of borrowing money, let’s snap back to reality and realize the sobering fact that it is far too easy to get carried away and borrow more than is affordable. The wounds of the housing bubble are still fresh almost fifteen years later. Credit card revenues are built on people spending money they don’t have and those balances can balloon in the blink of an eye. How can this be avoided? Approach your finances with the eye of a credit bureau. Look at not only the total amount of debt you carry, but also the monthly payments it takes to service that debt. Cash flow and household balance sheets go hand in hand. Another way to efficiently manage debt is to focus on productive assets with your debt. A house that should appreciate in price over the life of the mortgage = good. The all-inclusive vacation with the unlimited drink package that gets put on the plastic = not great. Car loans would be a gray area because a car is a rapidly depreciating asset, but interest rates are at a level where a loan would be palatable.

Many of these money decisions don’t have a right or wrong answer. Everything exists on a continuum. Personal finance can be an emotional topic and debt can magnify those emotions. During our process, we examine the entirety of your financial situation and make suggestions from an objective viewpoint. So what do you think? Is your debt working for you or against? If you’d like to talk to us about it, reach out and let’s dive into the nuances together.

David Rath, CFA is the Director of Portfolio Strategies at Continuum Wealth Advisors in Saratoga Springs. For more information, visit www.contwealth.com